Posted on 07/31/2022 3:16:48 PM PDT by EBH
Since 2019, Israeli businesses and consumers have been subject to a limit on the value of cash transactions. On Aug. 1, that limit is set to decrease from NIS 11,000 ($3,192) to NIS 6,000 ($1,741) for business payments and from NIS 50,000 ($14,510) to NIS 15,000 ($4353) for transactions between private individuals.
The stated purpose of the law is to force the public to use digital means of payment rather than cash. This is intended to enable better transaction monitoring so that Israeli authorities are equipped to tackle tax evasion, black market activity and money laundering.
Payments made to Palestinian Arabs and certain religious loans are exempt from the country’s cash cap. Likewise, car purchases are excepted from the new rules, where the cash cap will remain unchanged at NIS 50,000.
According to Israel National News, Tax Authority figures show a gradual increase in compliance with the law, from around 84% in 2019 to 92% in 2021 and 95% in 2022.
Israel National News reports that NIS 5 billion have already been collected in fines since the restrictions came into law. Tens of thousands of audit raids on businesses have been conducted by the Tax Authority and thousands of violators have been penalized. In 2022 alone, around 6,000 audits have been conducted so far, with 2,189 law-breakers identified, representing a sum of NIS 35 million in illicit transactions.
Violations of the law are punishable by fines starting at 15% of the transaction if the cash payment was less than NIS 25,000 to a business, increasing to 20% where the transaction was between NIS 25,000 and NIS 50,000, and reaching 30% for larger transactions.
Between private individuals, the fines are lower, starting at NIS 10,000 for payments up to NIS 25,000, increasing to 15% for amounts up to NIS 50,000, and 25% for larger sums.
People who are found to have been paid a salary in cash are liable to a fine of 5% if the payment was above the NIS 6,000 ceiling but below NIS 8,500. The penalties apply to payment by check and banker’s check, as well as with banknotes.
Israel’s cash cap is also applicable to tourists, with responsibility for breaking the law resting with both parties to the transaction.
A short grace period of grace will apply following Aug. 1, but there are plans afoot to impose additional restrictions on cash in the future. Israel’s Treasury and Tax Authority are pushing for a law prohibiting any citizen from holding more than NIS 200,000 in cash in their home.
Israel is not the only country to set legal limits on cash transactions, but many others stop short of outright banning large cash payments.
For example, in Germany, where cash plays a larger role in the retail economy compared to many of its northern European neighbors, anyone who wants to make a payment of 10,000 euros or more in cash needs to show a valid ID.
That would devastate my local Hawaii economy.
We have two economies here, one is Democrat and the other is cash.
“I’m sorry, Mr. Samuleson, but your social credit score is too low to have access to your funds.”
(The push to eliminate cash)
All-digital currency coming.
Along with Satan’s anti-messiah, 7 years of ‘Peace and Security’, the Four Horsemen of the Apocalypse, eventually the Mark of the Beast.
Can’t control the masses as easily if they have cash in their various countries.
It’s crazy to expect money-savvy jews to go along with this. They’ll find a way around it.
I knew an emigree to Israel some years back. At the time, all of your accounts were supposed to be transferred into Israel, where taxes were oppressive. He didn’t comply, keeping his US funds in the US... it would have been unnatural.
I suspect they’ll get the same reaction now.
When freeing the Hebrews, God gave Egypt natural (for the most part) plagues but spared them Democrats.
It is very painful to watch Israel self destruct. And it bodes very bad things for the rest of us.
I saw a cartoon. Against an ominous background the four horsemen of the apocalypse are on their horses when another robbed horseman shows up. Death says, “And, who are you.” The new horseman says, “Joe Biden.”
The it way around is to buy hard assets, like paintings or classic sportscars.
While well- intentioned, this is extremely dangerous. I hope they rescind this new restriction asap
"But I can pay in cash!"
"Sorry, that would exceed the legal cash cap. Too bad, but we can't sell you that."
Read down here.....................................................vvvvvvvvvvvvvv
They seem to be bringing it on
Whether by design or by accident, it will make no difference
“That would devastate my local Hawaii economy.
We have two economies here, one is Democrat and the other is cash.”
Good one!
(And it bodes very bad things for the rest of us)
A massively-deceived world 🌍🌎 being set up for major Biblical events.
🛐🙏✝️
You know what?
I’d say EFF YOU to the authorities.
And if they tried to arrest me when I paid no attention to their limits, I’d take some bodies with me.
It’s time to draw the line in the sand.
My husband said none of his employees could submit a charge over 35 dollars Friday. It was different cards.
Yay, digital money is going to be great.
“...tax evasion, black market activity and money laundering.”
This is the result of an asinine “fair tax” sales tax.
Growing your own food will be “tax evasion”. Every sale will be “black market”.
Imbeciles.
I see an error in your post.
No way I'm going for crap digimoney.
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